实物期权方法在自主创新项目投资决策中的应用

传统的投资决策方法由于蕴含着不确定性和可逆转性的假设使其不适应于高风险、高收益并存的自主创新项目投资决策.将实物期权思想融入自主创新项目投资决策方法,考虑了项目由于柔性经营的期权价值,能更准确地反映项目的价值,从而提高投资决策的科学性和合理性.从实物期权理论的基本原理出发,通过具体实例对比说明实物期权方法应用于自主创新项目投资决策的优势.

Application of Real Options Methods for Self-Determiniation Innovation Project Investment Decisions

Traditional method of linvestment decision is not suitable to be applied into the activities of self-determination innovation investment with the characteristies of high risk and high profit because of their applied uncertainty and irreversibility.This paper presents a real options thinking to the project evaluation methods of self-determination innovation, considering of the project option value because of its flexible operation,which can reflect the value of the project accurately more and enhancing the scientificity and rationality of investment decisions.From the point of basic principle of real options theory,this paper displays the advantages of the application of real option theory into independent innovation investment by concrete cases.